21/07/2026 21:04 - Economia
According to reports from Argentine media such as Infobae, La Nación, and Ámbito, the Washington Court of Appeals has dismissed Argentina's appeal in the litigation over the expropriation of the flag carrier.
For our international readers, it is important to remember that this dispute dates back to 2008, when the administration of then-President Cristina Kirchner ordered the expropriation of Aerolíneas Argentinas and Austral (a domestic sister airline). At the time, both companies were controlled by the Spanish group Marsans, which had acquired them in 2001 for a symbolic one dollar. Marsans argued the expropriation was unjust and took the case to ICSID (the International Centre for Settlement of Investment Disputes), the World Bank's arbitration tribunal for disputes between States and foreign investors.
In 2017, ICSID issued an award in favor of Marsans, setting compensation at USD 320 million plus interest. After failing to collect the sum, Marsans transferred the rights to the Burford Capital fund, and subsequently to Titan Consortium, the fund that has been driving the execution of the award in the US since 2021.
The central point of the judicial litigation in the United States was the statute of limitations. Argentina's defense argued that the deadline to execute the award was 3 years. However, in 2024, the District Court ruled that the applicable deadline was 12 years, recognizing a debt of nearly USD 391 million as of December 10, 2024.
On July 21, 2026, the Court of Appeals confirmed this criteria, keeping the conviction firm. This would enable Titan Consortium to seek Argentine sovereign assets on US soil, such as the collateral for Brady Bonds deposited at the Federal Reserve Bank of New York, according to media reports.
Despite this historical conviction that the Argentine State drags along, the current reality of Aerolíneas Argentinas shows a highly encouraging panorama. According to the company, it closed 2025 with an operating profit of USD 112.7 million, almost double the previous year, achieving the first operating surplus since its re-nationalization without Treasury contributions.
The board of directors would have already informed the Ministry of Economy that it will not request funds in 2026 either, marking a milestone in the management of the flag carrier, focused on profitability, personnel reduction, and operational efficiency.
From the Treasury Attorney's Office (Procuración del Tesoro de la Nación), officials indicated they are analyzing 'all available legal tools to try to reverse the decision or, failing that, mitigate its consequences for the Argentine State'. The agency emphasized that this case is the consequence of decisions made almost two decades ago and is part of the judicial inheritance that the current administration found upon taking office.
Alfredo S. Quiroga
